OTTAWA - The federal carbon pricing system for heavy emitters, softened last week to ease the impact on Canadian industry, could be amended even further this fall as Ottawa looks to address competitiveness fears in corporate Canada fuelled by U.S. tax cuts, tariffs and environmental policy roll backs. Environment Canada also now has to consult on the proposed plan with more than a dozen industrial sectors specific to Ontario that weren't originally expected to be affected by the federal [Read more]
Headlines
Canadian Natural unveils plan to add 100,000 bpd of Horizon oilsands output
CALGARY - Canadian Natural Resources Ltd. said Thursday it will spend an additional $170 million this year to advance projects that could add almost 100,000 barrels per day of production at its Horizon oilsands mine in northern Alberta. The Calgary-based company said its increased spending will be used to advance engineering and buy equipment for the projects which could be constructed through 2019 and 2020. Canadian Natural will present "a clear execution strategy and cost estimates for [Read more]
Bidder selected to buy insolvent oilsands producer Connacher for $113.5M
CALGARY - Insolvent junior oilsands producer Connacher Oil and Gas Ltd. says a buyout bid by East River Oil and Gas Ltd. has been selected in a court-supervised sales process. Documents show East River would pay $113.5 million to buy Connacher if the deal is approved by the courts and company creditors later this year. The transaction would allow Connacher to exit Companies' Creditors Arrangement Act protection after more than two years. The sales process was launched in March after [Read more]
Junex Announces Shareholder Approval of Arrangement
QUÉBEC CITY, Aug. 02, 2018 (GLOBE NEWSWIRE) -- Junex Inc. (“Junex”) (TSXV:JNX) is pleased to announce that its shareholders have voted to approve its proposed business combination with Cuda Energy Inc. (“Cuda”) by way of plan of arrangement (the “Arrangement”) at a special meeting of Junex’s shareholders (the “Meeting”) held earlier today. A total of 51,829,100 shares, representing 58.5% of Junex’s total outstanding shares, were voted at the Meeting. Of the votes cast, 51,258,569 (representing [Read more]
Iron Bridge Responds to Velvet Energy’s Continued Misleading Attacks, Recommends That Shareholders REJECT Velvet’s Undervalued, Hostile Offer
Velvet’s Predatory Cash Offer Significantly Undervalues Iron Bridge’s Assets and Deprives its Shareholders of Substantial Upside Potential White Knight and Strategic Alternatives Process Continues to Advance CALGARY, Alberta – July 31, 2018 – Iron Bridge Resources Inc. (“Iron Bridge”, “IBR” or the “Company”) (TSX: IBR) today responded to a desperate campaign of misinformation recently presented by Velvet Energy Ltd (“Velvet Energy” or “Velvet”), intended to mislead Iron Bridge shareholders [Read more]
Junex Inc. Determines That Most Recent Utica Offer Does Not Constitute Superior Proposal
QUEBEC CITY, Aug. 02, 2018 (GLOBE NEWSWIRE) -- Junex Inc. (“Junex”) (TSXV:JNX) announces that it has determined that the unsolicited offer announced on July 31, 2018 from Utica Resources Inc. (“Utica”) to acquire all of the outstanding common shares of Junex or, alternatively, 50% of such shares not already controlled by an affiliate of Utica (the “Utica Offer”) does not constitute a “Superior Proposal” under the arrangement agreement dated June 8, 2018 (the “Arrangement Agreement”) between [Read more]
Connacher Oil and Gas Limited Announces Entering Into of CCAA Acquisition and Plan Sponsorship Agreement and Purchase and Sale Agreement with East River Oil and Gas Ltd.
CALGARY, Aug. 2, 2018 /CNW/ - Connacher Oil and Gas Limited ("Connacher" or the "Company") is pleased to announce that East River Oil and Gas Ltd. (the "Plan Sponsor") has been selected as the "Successful Bidder" pursuant to the sale and investment solicitation process (the "SISP") conducted in Connacher's proceeding under the Companies' Creditors Arrangement Act (the "CCAA"). On May 17, 2016, Connacher previously announced that it had obtained creditor protection under the CCAA pursuant to [Read more]
Obsidian Energy Announces Second Quarter 2018 Financial and Operational Results
CALGARY, Aug. 2, 2018 /CNW/ - OBSIDIAN ENERGY LTD. (TSX/NYSE – OBE) ("Obsidian Energy", the "Company", "we", "us" or "our") is pleased to announce its financial and operational results for the three and six months ended June 30, 2018. All figures are in Canadian dollars unless otherwise stated. David French, President and CEO commented, "The second quarter of 2018 was a relatively quiet one for development, as we took advantage of seasonal breakup to prepare for our second half [Read more]
TransCanada Reports Strong Second Quarter 2018 Financial Results
High Quality, Diversified Asset Portfolio Expected to Drive Record Performance in 2018 CALGARY, Alberta, Aug. 02, 2018 (GLOBE NEWSWIRE) -- TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) today announced net income attributable to common shares for second quarter 2018 of $785 million or $0.88 per share compared to net income of $881 million or $1.01 per share for the same period in 2017. Comparable earnings for second quarter 2018 were $768 million or $0.86 per share [Read more]
Seven Generations delivers funds from operations of $434 million, $1.19 per share, in second quarter of 2018
CALGARY, Alberta, Aug. 02, 2018 (GLOBE NEWSWIRE) -- (TSX: VII) SECOND QUARTER HIGHLIGHTS Funds from operations of $434 million or $1.19 per share, up 62 percent and 63 percent respectively compared to the same periods in 2017. Cash provided by operating activities of $425.2 million, up 119 percent from the same period in 2017. 7G’s realized pricing increased 26 percent compared to the first quarter of 2018. Increasing condensate production, coupled with higher commodity prices, drove [Read more]